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I understand that the buyers of the house will get a draft settlement statement emailed to them 3 days from closing. But what about the sellers? We are scheduled to close tomorrow but don't know what our proceeds will be because we have not got any seller closing statement paper work yet.
Yes, I can guess what the proceeds will be but I don't want to show up at settlement on Thursday and be given a set of papers to sign without having a chance to review them first and compare it to my estimates.
As a seller when did you get the estimated seller closing statement? 1,2 or 3 days before closing, or did you not see anything until the actual closing?
Although legally buyers are supposed to get their closing statement 3 days before closing, it often doesn't happen. Typically title companies will create the seller's statement after the buyer's is approved by the lender. I don't think there is a legal time requirement for sellers.
There can also be delays for sellers related to real estate tax information. Considering we are in a pandemic when many government offices (depending on where you're located) are still not fully staffed or working remotely, it's not surprising. One can literally read and comprehend the seller's statement in 10 minutes.
Although legally buyers are supposed to get their closing statement 3 days before closing, it often doesn't happen. Typically title companies will create the seller's statement after the buyer's is approved by the lender. I don't think there is a legal time requirement for sellers. ...
Close, but you have your language mixed up so your statement isn't quite correct. Buyers have to receive their closing disclosure from the lender 3 days prior to closing. That has to happen if a loan is involved.
The ALTA (closing statement that you're referring to in your post) can vary. Sometimes you get it a few days ahead of closing, sometimes you see it for the first time at closing. Sellers and buyers usually have the ALTA sent to them from the closing company at the same time.
The laws and policies are all very interesting but my main point and concern were not getting a full description of the various taxes and fees connected with my home sale in advance of the actual closing. In a perfect world, I would like to compare their figures against a spreadsheet I developed with my estimates instead of just having it thrown at me at the actual closing with a pen in my hand.
did you ask your agent to get you one, because you wanted to review it before signing? The title officer should be able to get them one to give you, o get you one directly. And explain to you what might change.
The laws and policies are all very interesting but my main point and concern were not getting a full description of the various taxes and fees connected with my home sale in advance of the actual closing. In a perfect world, I would like to compare their figures against a spreadsheet I developed with my estimates instead of just having it thrown at me at the actual closing with a pen in my hand.
You should always insist on getting a closing statement prior to closing. I usually receive them at least 2 or 3 days prior to closing--regardless of which side I'm working.
You should always insist on getting a closing statement prior to closing. I usually receive them at least 2 or 3 days prior to closing--regardless of which side I'm working.
By the way, how did your closing go?
I, too, just wanna know if this little loveshack closed.
It's a real cliffhanger...
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